Decision of the District Court Hamburg on actions against annual financial statements of Thielert AG

In March of 2007, Kreuz Consulting, a company of the Hahn company group, filed actions for avoidance against the annual financial statements 2003, 2004, and 2005 of Thielert AG and of Thielert Aircraft Engines GmbH in Hamburg and Chemnitz.

By decision of March 6, 2008, which the company received during the late afternoon, the District Court Hamburg declared the annual financial statements 2003, 2004, and 2005 of Thielert AG to be void. The court stated a breach of valuation provisions as the reason. Statements of the company in the answer to the complaint were rejected as late. The company was unable to substantiate its statements in time, because evidence is tied up in other proceedings. The decision is not final. The company will lodge an appeal against the decision.

In parallel proceedings before the District Court Chemnitz, the court extended the company’s deadline to provide statements for substantiation.